Holualoa Companies will redevelop part of an office site it owns at 21^st Street and Highland Avenue to add 144 affordably targeted apartments. The new development will fall under its Dwell banner.

The Arizona Republic reports the 13-acre site currently has two office buildings, a garage, a restaurant and a two-acre lake. The restaurant, the Half Moon Windy City Sports Bar, will be razed to accommodate the new multifamily portion.

Holualoa bought the site in 2021 for $50M and filed a zoning request with the City of Phoenix this June to start the redevelopment process.

The community will offer fewer amenities than many developments in highly desirable areas, which Holualoa plans to offset by focusing on enhanced walkability and connectivity, along with less expensive community-centric amenities like coworking spaces, meeting areas and bicycle facilities.

Base rents are expected to start in the $1,400 range. Holualoa Companies hopes to complete the rezoning process and start construction in mid-2024.